The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLE INC COM 037833100 6,290 50,150 SH   SOLE   50,150 0 0
BANK OF AMERICA CORP COM 060505104 6,212 365,000 SH   SOLE   365,000 0 0
CHESAPEAKE ENERGY COM 165167107 2,406 215,750 SH   SOLE   215,750 0 0
CISCO SYSTEMS INC COM 17275R102 5,737 209,000 SH   SOLE   209,000 0 0
CLIFFS NATURAL RES COM 18683K101 1,205 279,000 SH   SOLE   279,000 0 0
DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 516 30,000 SH   SOLE   30,000 0 0
FREEPORT-MCMORAN C&G COM 35671D857 1,681 90,350 SH   SOLE   90,350 0 0
GANNETT CO INC COM 36473H104 172 12,309 SH   SOLE   12,309 0 0
HESS CORP COM 42809H107 4,181 62,500 SH   SOLE   62,500 0 0
HEWLETT PACKARD CO COM 428236103 2,620 87,400 SH   SOLE   87,400 0 0
ISHARES INC ISHARES 464286251 118 2,383 SH   SOLE   2,383 0 0
ISHARES INC ISHARES 464286806 7,310 262,200 SH   SOLE   262,200 0 0
ISHARES INC ISHARES 464286848 5,905 461,000 SH   SOLE   461,000 0 0
ISHARES INC ISHARES 464288778 5,357 146,400 SH   SOLE   146,400 0 0
ISHARES INC ISHARES 464289180 4,820 211,300 SH   SOLE   211,300 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 5,336 355,000 SH   SOLE   355,000 0 0
ISHARES INC ISHARES 46434G806 3,737 265,000 SH   SOLE   265,000 0 0
MARKET VECTORS ISHARES 57060U613 1,900 115,000 SH   SOLE   115,000 0 0
MARKET VECTORS ISHARES 57061R544 3,917 162,250 SH   SOLE   162,250 0 0
METLIFE INC COM 59156R108 840 15,000 SH   SOLE   15,000 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 4,076 565,300 SH   SOLE   565,300 0 0
MORGAN STAN EMER MKT ISHARES 61744H105 1,697 188,361 SH   SOLE   188,361 0 0
NATURAL RESOURCE PRT ISHARES 63900P103 285 75,650 SH   SOLE   75,650 0 0
NEWMONT MINING CORP COM 651639106 4,794 205,400 SH   SOLE   205,400 0 0
ORANGE-SPON ADR SPONSORED ADR 684060106 1,411 91,600 SH   SOLE   91,600 0 0
OWENS ILL INC COM 690768403 529 23,100 SH   SOLE   23,100 0 0
POWERSHS DB MULTI SE ISHARES 73936B408 105 4,500 SH   SOLE   4,500 0 0
ROYAL DUTCH SHELL SPONSORED ADR 780259206 5,621 98,600 SH   SOLE   98,600 0 0
SPDR GOLD TR GOLD ISHARES 78463V107 719 6,400 SH   SOLE   6,400 0 0
SPDR S&P RETAIL ETF ISHARES 78464A714 4,655 47,200 SH   SOLE   47,200 0 0
SIEMENS A G SPONSORED ADR 826197501 1,947 19,186 SH   SOLE   19,186 0 0
STEEL DYNAMICS INC COM 858119100 3,697 178,500 SH   SOLE   178,500 0 0
SUNTRUST BANKS INC COM 867914103 2,400 55,800 SH   SOLE   55,800 0 0
TEGNA INC COM 87901J105 789 24,617 SH   SOLE   24,617 0 0
TELEFONICA S A SPONSORED ADR 879382208 5,691 400,500 SH   SOLE   400,500 0 0
TEMPLETON EMRGNG MKT ISHARES 880192109 1,005 93,907 SH   SOLE   93,907 0 0
VALE S.A SPONSORED ADR 91912E105 2,335 396,366 SH   SOLE   396,366 0 0
WISDOMTREE TRUST COM 97717X784 1,572 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SPONSORED ADR B019MJ8 1,219 74,749 SH   SOLE   74,749 0 0
TEEKAY TANKERS LTD - CLASS A SPONSORED ADR B29VHY0 1,941 294,101 SH   SOLE   294,101 0 0
GOLDEN OCEAN GROUP LTD SPONSORED ADR BVXBS91 1,263 327,253 SH   SOLE   327,253 0 0